Webster Banks push to expand its wealth management business is making a difference in the banks financial performance. In the first quarter of 2013, wealth and investment services generated $7.8 million in revenue, up 7% from a year ago but down 1% from the previous quarter, the banks holding company announced Monday.
The increased revenue reflects the banks renewed focus on its wealth management business, which was rebranded last March as Webster Private Bank. Since then, it has beefed up its team of private bankers, including hiring Daniel FitzPatrick, an executive from BNY Mellon Wealth Management, to head up the business.
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